X
1763 Views

The Texas State Securities Board Issued Cease and Desist Order Against Scam Crypto Miner

Spread the love
  • 4
    Shares

A recent report has made it known that the Texas State Securities Board has taken actions against a fraudulent company dealing in cryptocurrency mining activities. The company has been identified to be EXY Crypto.

The Texas State Securities Board

The Texas State Securities Board has issued a Cease and Desist notice against the company. It was reported that the company was deceiving investors with a promise of an unrealistic return. The company was said to be making use of various social media platforms to entice its victims. A report also made it known that the company was also using the platform to recruit unlicensed multilevel marketing agents. The report has shown that EXY Crypto capitalised on the use of LinkedIn to attract its victims.

The Company representatives

Based on the report released by the Texas State Securities Board, the representatives of the company are Morgan Nolan, Rafael Logan, and Melissa Spring. Each person on the list has been assigned a certain position in the scam company.

These representatives are being accused of “posting misleading advertisements for promoting cryptocurrency mining investments, promising a minimum 10% in weekly returns”.

Based on information from the EXY Crypto’s official website, it was boldly stated that the company is fully registered and licensed. This way they get to convince sceptical victims easily.

Identity Theft

The Texas State Securities Board also reported that the Promotion Manager of the company, Nolan has at one time used the name of the authority’s Director of Enforcement, Joe Rotunda, to further convince victims to invest in their company. The agency has, however, come forward to deny the director’s involvement with a scam company. The agency further made it clear that no license has been given to the company to set up shop in the State.

So far, the owners of the website have not been apprehended and the agency believes that the names listed on the website are fake.


You may be interested

Top Cryptocurrencies to HODL For Passive Income
Learn
1102 views
Learn
1102 views

Top Cryptocurrencies to HODL For Passive Income

Anca Faget - November 21, 2018

There are various ways in which one can generate some extra income by hodling. There are several cryptocurrencies make this…

IBM Partner with Columbia University to Advance the Adoption of Blockchain Technology
News
832 views
News
832 views

IBM Partner with Columbia University to Advance the Adoption of Blockchain Technology

Joshua Tayo - November 20, 2018

Based on a recent report, it was made known that IBM and Columbia University (CU) has formed a partnership aimed…

Israel Investment Firm— Silver Castle Launches New Crypto Funds
News
914 views
News
914 views

Israel Investment Firm— Silver Castle Launches New Crypto Funds

Joshua Tayo - November 20, 2018

Despite the incessant bear market the crypto market is experiencing so far this year, there has been an increase in…